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What is International arbitration law practice?
International arbitration is a consensual, neutral, binding, private and enforceable means of international dispute resolution, which is typically faster and less expensive than court proceedings.
Arbitration awards are more widely and readily enforceable than court judgments primarily as a result of the 1958 New York Convention, a multilateral treaty for the enforcement of arbitral awards to which over 150 states (Countries) are party.
In arbitration the parties submit a dispute to an appointed decision-maker (arbitrator), or panel of arbitrators (the tribunal). This is typically done by providing for arbitration in the contract (the arbitration agreement). The agreement should also cover the number of arbitrators, the legal place or seat of the arbitration (see below), and the procedural rules that will govern the arbitration.
Of late, the international community has increasingly embraced arbitration, with many recognising its importance as the primary means of resolving complex, transnational commercial disputes. International arbitrations are normally conducted under the rules of the SIAC, ICC, LCIA, AAA-ICDR, ICA, HKIAC, KLRCA and UNCITRAL – which are arbitration associations operating under the New York Convention or other conventions.
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The major foreign seats of arbitration are Singapore, London, Paris, Geneva, Zurich, Stockholm, New York, Hong Kong, Kuala Lumpur and Dubai.
The process of international arbitration broadly falls under four steps:
- Request for arbitration and receiving an answer
- Preparation & preliminary – before the tribunal process
- The tribunal arbitration process
- Post arbitration process
These days, most commercial international business agreements will have an arbitration clause; especially considering the benefits over the traditional litigation processes.
Best Law Firms for International arbitration Practice Internship in 2021 for LLB Students
This list of best law firms is sorted in alphabetical order.
- Aarna Law – Bengaluru, New Delhi, Mumbai
- Advani & Co – Mumbai, New Delhi
- Agarwal Law Associates – New Delhi
- AK Law Chambers – Chennai, Bengaluru
- AZB & Partners – Mumbai, Bengaluru, Gurugram, New Delhi, Pune
- Bharucha & Partners – Mumbai, Bengaluru, New Delhi
- Cyril Amarchand Mangaldas – Mumbai, Ahmedabad, Bengaluru, Chennai, Hyderabad, New Delhi
- Dhir & Dhir Associates – New Delhi, Mumbai, Hyderabad
- DSK Legal – Mumbai, Delhi, Bengaluru, Pune
- Dua Associates – New Delhi, Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Mumbai, Pune
- Economic Laws Practice – Mumbai, New Delhi, Ahmedabad, Pune, Bengaluru, Chennai
- IndusLaw – Bengaluru, New Delhi, Hyderabad, Mumbai
- J Sagar Associates (JSA) – Mumbai, Gurugram, Ahmedabad, Bengaluru, Chennai, Hyderabad, New Delhi
- Jerome Merchant + Partners – Mumbai, Singapore
- Juris Corp – Mumbai, Bengaluru, New Delhi
- Kachwaha & Partners – New Delhi, Mumbai
- Karanjawala & Company – New Delhi
- Khaitan & Co – Mumbai, Bengaluru, Kolkata, New Delhi, Noida
- L&L Partners (formerly Luthra & Luthra Law Offices) – New Delhi, Mumbai, Bengaluru, Hyderabad
- Link Legal India Law Services – New Delhi, Mumbai, Gurugram, Bengaluru, Chennai, Hyderabad
- Majmudar & Partners – Mumbai, Bengaluru, New York
- Mulla & Mulla & Craigie Blunt & Caroe – Mumbai, Bengaluru, New Delhi
- Nishith Desai Associates – Mumbai
- Samvad Partners – Bengaluru, Chennai, Hyderabad, Mumbai, New Delhi
- Shardul Amarchand Mangaldas & Co – New Delhi, Mumbai, Gurugram, Bengaluru, Ahmedabad, Kolkata, Chennai
- Trilegal – Bengaluru, New Delhi, Gurugram, Mumbai